Tom Lee’s Bitmine grows ETH treasury to 5.74M tokens

Bitmine Immersion Technologies said its Ethereum holdings reached 5,742,237 ETH, bringing the company closer to its goal of owning 5% of Ethereum’s total supply. 

The company said the holdings equal 4.8% of the 120.7 million ETH supply.

The latest Bitmine holdings update placed its combined crypto, cash, marketable securities and “moonshots” at $11.1 billion. The total includes 206 BTC, $527 million in cash and marketable securities, and equity stakes in Beast Industries and Eightco Holdings.

Crypto.news has tracked Bitmine’s steady ETH buying this year. A recent report said Bitmine had already pushed its Ethereum treasury above 5.7 million ETH after adding 27,084 ETH in the previous weekly update.

Tom Lee links ETH bet to regulation

Bitmine chair Tom Lee said rising odds for the CLARITY Act had improved sentiment around Ethereum use cases. He said clearer rules could help smart contract platforms as crypto moves deeper into payments and financial services.

“Over the past few days, investors have become more optimistic about the passage of the Clarity Act,” Lee said. 

He added that Ethereum layer-2 networks already process USDC activity for firms such as Shopify and Visa.

The company calls its 5% ETH supply goal the “Alchemy of 5%.” Crypto.news previously examined what Bitmine’s 5% Ethereum strategy could mean for ETH, noting that large treasury buying can reduce liquid supply while also creating concentration risk.

Bitmine said it is now 95% of the way toward that 5% target. If Ethereum supply stays near 120.7 million ETH, a 5% position would require about 6.04 million ETH.

Staking supports Bitmine’s model

Bitmine said 4,879,157 ETH is now staked, worth about $8.8 billion at $1,800 per ETH. That means about 85% of its ETH position is earning validator rewards through staking.

The company said its own staking operations generated a seven-day annualized yield of 2.68%. It projected annualized staking revenue of about $235 million based on the current amount staked. 

Bitmine had staked about 86% of its ETH pile before its Russell 1000 entry. That report noted that staking income has become a core part of Bitmine’s public-market strategy.

Bitmine also promotes MAVAN, its Made in America Validator Network. The company says MAVAN was first built for its own Ethereum treasury but may later serve institutional investors, custodians and ecosystem partners.

BMNR adds Russell 1000 exposure

Bitmine was added to the Russell 1000 Large-cap Index on June 26. Lee said the move could bring “hundreds and possibly thousands” of new institutional investors into BMNR’s shareholder base.

Crypto.news had covered the Russell 1000 setup around Bitmine before the inclusion, noting that index membership can put BMNR in front of passive funds and large asset managers.

The company also completed a Series A preferred stock offering in June. As crypto.news reported, Bitmine’s BMNP preferred stock plan carried a 9.5% annual dividend rate and tied investor confidence to the ETH treasury model.